October 24, 2016

Elliott Wave Analysis Report of Nifty for 24 Oct 2016

Nifty opened mild gap at 8708 but failed to sustain at higher levels and traded with negative bias for rest of the day. Nifty declined about 50 points from day’s high to register day’s low 8652 followed by a sharp bounce before closing 6 points negative at 8693.

Friday, there was no exact trading strategy suggested because calculations were suggesting minimum target at 8727 and stoploss 8668, so there was no risk reward and even if break below 8668 then also the upside pattern will be incomplete and there were no downside targets. Overall conditions were suggesting a very narrow range where it was not safe to decide a trade in advance. And same happened on Friday, Nifty trade in narrow range of 50 points without any clear direction. Let’s have a fresh look at latest charts for further scenario.